Calfrac Announces Retirement of Co-Founder and Chief Executive Officer Douglas R. Ramsay at the end of 2013 - Fernando Aguilar Named Successor CALGARY, May 14, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX-CFW) announced today that Doug Ramsay, Co-Founder and Chief Executive Officer, intends to retire from the office of Chief Executive at the end of 2013. As part of a planned leadership succession process, the Board of Directors intends to appoint Fernando Aguilar, Calfrac's current President and Chief Operating Officer, to succeed Mr. Ramsay as President and Chief Executive Officer of the Company, on or about January 1, 2014. Mr. Ramsay is expected to become the Vice Chairman of the Company and to remain a member of the Board of Directors. Mr. Ramsay's continued responsibilities will include support work with senior executives, shareholder and customer relations, public and regulatory issues and various corporate initiatives. Doug began his oil and gas career in 1973 as an equipment operator with BJ Well Services. He went on to positions of drilling and completions manager, oilfield consultant and wellsite foreman for Dome Petroleum. He served as President of Canadian Fracmaster Limited until 1994, where he spent 12 years enhancing that corporation's worldwide presence. In 1999, Doug went on to co-found Calfrac Well Services Ltd. Ron Mathison, Chairman of the Board, stated, "The Board of Directors is truly appreciative of Doug's leadership of Calfrac as one of its founders and CEO from its inception and through its 14 year history. Doug has led the development and growth of Calfrac Well Services into one of the most successful enterprises in the well servicing industry with a core strategy of building strong local operating capability supported by a lean, entrepreneurial corporate structure. Doug has guided the company through an incredible period of change and growth and has done so with utmost integrity and a sharp focus on creating value for our customers, shareholders and employees." Mr. Mathison continued, "The Board takes its responsibilities regarding CEO succession very seriously and Doug along with Gordon Dibb, another co-founder of the Company, did a superb job in working closely with the Board to identify and prepare Fernando Aguilar as Gordon's successor as COO and now as Doug's successor as CEO. We are delighted to have an individual of Fernando's calibre and experience to lead Calfrac into the future. Fernando has been an active partner in achieving our recent growth and operational success and has the complete endorsement and support of the Board." Doug Ramsay added, "Fernando is a proven leader, and has been an integral part of Calfrac's growth and performance since he joined the company first as a Director in 2008 and then as COO in 2010. In addition to an excellent track record as a commercial and operational executive, Fernando possesses strong industry expertise, market insight and understanding of our customers' needs. His appointment is the culmination of a thoughtful and deliberate succession planning process. During his tenure to date as President and Chief Operating Officer, Fernando has had a positive impact on the business and the Board looks forward to working with him to ensure the continued success and growth of Calfrac Well Services in the years ahead." Doug went on to say, "I am extremely proud of Calfrac's entire organization which has allowed us to build the company we have today. The management team, which I believe is second-to-none in the industry, allows me to transition to the Vice Chair position with confidence the Company will continue to thrive in this cyclical and challenging environment." Fernando Aguilar said, "Calfrac Well Services is a dynamic service company dedicated to the success of our customers, employees and shareholders with its commitment to superior execution in the field. I have enjoyed being part of this team and the growth achieved over the last several years. We have an exceptionally strong management team at the local, regional and corporate levels to continue building on the footprint and capabilities we've established. I am very excited about the future of the Company and would like to thank Doug and the entire Board for their trust and support." Mr. Aguilar was previously with CGG Veritas from 2004 to 2010, where he held several leadership positions, most recently serving as President, Geophysical Services for the Americas. Prior to joining CGG Veritas, Fernando was with Schlumberger for 22 years, serving in roles with increasing responsibilities in the technology, business and oilfield service sectors, predominantly in the Pressure Pumping, Wireline and Testing groups. Fernando's last position with Schlumberger was Vice President, Oilfield Services. He holds a degree in Civil Engineering, specializing in Hydraulic Resources Management, and has completed the Stanford Executive Program at Stanford University and the Director's Education Program at the University of Calgary. Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, Colombia and Argentina. Douglas R. Ramsay Chief Executive Officer Telephone:(403) 266-6000 Fax:(403)266-7381 Laura A. Cillis Senior Vice President, Finance and Chief Financial Officer Telephone: (403) 266-6000 Fax: (403) 266-7381 Tom J. Medvedic Senior Vice President, Corporate Development Telephone:(403) 266-6000 Fax:(403)266-7381 SOURCE: Calfrac Well Services Ltd. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2013/14/c7048.html CO: Calfrac Well Services Ltd. ST: Alberta NI: OIL 2575 WNEWS -0- May/15/2013 00:16 GMT
Calfrac Announces Retirement of Co-Founder and Chief Executive Officer Douglas R. Ramsay at the end of 2013 - Fernando Aguilar
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